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I have my paperwork from when we sold our home but it has a credit and debit field under the seller part. I am unsure what to put in for Seller Expenses because of this.

I am trying to calculate what the expenses are but there are so many fields
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3 Replies
MarilynG1
Employee Tax Expert

I have my paperwork from when we sold our home but it has a credit and debit field under the seller part. I am unsure what to put in for Seller Expenses because of this.

You don't need to report the sale of your personal residence in TurboTax, unless you received a Form 1099-S or you sold your home for $500,000 more than you paid for it (if married), and you lived in it for two of the last five years. 

 

Click this link for more info on Reporting Sale of Personal Residence. 

 

If this applies, you also don't get to claim any Sales Expenses.

 

 

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I have my paperwork from when we sold our home but it has a credit and debit field under the seller part. I am unsure what to put in for Seller Expenses because of this.

So I understand then, we bought the home in 2015 for 130,000 and sold it in 2020 for 194,000 so we profited 64,000.  You are saying I dont have to report these gains in turbotax?

JohnB5677
Employee Tax Expert

I have my paperwork from when we sold our home but it has a credit and debit field under the seller part. I am unsure what to put in for Seller Expenses because of this.

Yes, @marilynjoy is correct.  

 

Based on the numbers you have presented, and provided this was your primary home for two out of the last five years.  You do not owe any tax and you don't have to report it on your tax return.

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